<span>C) Renters don’t have to pay for major repairs to the property.</span>
Answer:
The beginning inventory was $2000.
Explanation:
First, we need to calculate the Cost of Goods sold. The cost of Goods sold is the difference between the Sales and the gross profit. Thus, the cost of goods sold is 16000 - 10000 = $6000
The value of the beginning inventory for the period can be calculated by using the Cost of Goods sold formula. The cost of goods sold is calculated as:
Cost of goods sold = Beginning inventory + Purchases - Closing Inventory
Plugging in the available figures in the formula,
6000 = Beginning Inventory + 8000 - 4000
6000 = Beginning inventory + 4000
6000 - 4000 = Beginning Inventory
Beginning Inventory = $2000
Answer:
$255,000
Explanation:
If a company acquires shares of another company the investment amount is shown in the balance sheet of the acquirer. When Plate acquired shares of Silver, it reported the investment of $225,000. The Silver reports a profit of $30,000 on January 2019. The amount reflected in the balance sheet of Plate will be $255,000. This is the sum of investment plus the profit reported by the Silver.
Answer:
$250,000
Explanation:
Calculation for the cash flows from operating activities to be reported on the Statement of Cash Flows
Using this formula
Cash flows=Income Statement+(Accounts receivable arising from sales)
Let plug in the formula
Cash flows=$240,000 +($80,000-$70,000)
Cash flows=$240,000 +$10,000
Cash flows=$250,000
Therefore the cash flows from operating activities to be reported on the Statement of Cash Flows is $250,000